Message #1 From:
NewsBot Date: December 6, 2004 07:37:08 PM
SkyLynx SKYC, News Message Board
SkyLynx Communications Announces Execution of Non-binding Letter of Intent
SARASOTA, Fla.
SkyLynx Communications, Inc.
Gary L. Brown, 941-388-2882
SkyLynx Communications (OTCBB: SKYC), a network provider of secured mobile data communications, announces a non-binding letter of intent has been executed between the company, StarCom Wireless and AllCom Inc., an affiliate of StarCom. The transaction contemplates the purchase of certain assets of StarCom Wireless thru the United States Bankruptcy Court for the District of Puerto Rico. A proposed plan of reorganization has been agreed upon and is being submitted to the court. StarCom owns patented Meteor Burst technology and currently provides proprietary Automated Vehicle Location (AVL) services for fleets and First Response companies in the Northwest United States.
Additionally, it is proposed that SkyLynx purchase the AllCom interests in Owner State Wireless, L.L.C. of Alaska. This partnership was created for the purpose of owning and developing Special Mobilized Frequencies (SMR) to create a wireless telephone network in Alaska. The value of this proposed transaction is yet to be determined. The contemplated transaction between the parties includes an assumption of debt and an issuance of SkyLynx common stock. The transaction will require the approval from the United States bankruptcy Court, the shareholders approval from the AllCom shareholders and the board of directors of SkyLynx. Should the transaction be approved, it is anticipated the closing would take place during the first quarter 2005.
About SkyLynx
SkyLynx Communications, Inc. is a provider of data wireless services for vehicle tracking and data communications for mobile and static applications. Their wireless network is being deployed on a national basis and has been well received for its ability to provide broad geographic coverage cost effectively. The company's network has the ability to track vehicles is not affected by topography, buildings, trees or other hindrances to line-of-sight tracking; it has a range many times greater than that of cellular and 3G systems; and it costs significantly less than satellite tracking.
